Wall Street Titans Continue to Invest Millions on K Street

The financial sector continues to pour millions of dollars into lobbying the federal government amid a shaky economic recovery, disagreements in Washington about raising the debt limit and the implementation of the financial regulatory reforms passed by Congress last year.

Of these organizations, the American Bankers Association has invested the most money in federal lobbying so far this year. The trade group spent $2.6 million on lobbying during the second quarter, according to the Center’s review of records filed Wednesday with Congress. That brings its year-to-date lobbying to a total of $4.78 million. This represents a 2 percent increase above what the trade group spent during the same period last year — and about an 8 percent increase above what it spent during the first half of 2009.

Wells Fargo, meanwhile, experienced the biggest increase in lobbying compared to its spending during the same period in either 2009 or 2010. So far this year, the banking giant has spent $3.8 million. That’s 78 percent more than what it had spent during the first two quarters of 2010. And this figure represents a 174 percent increase above its lobbying expenditures during the first half of 2009.

JPMorgan Chase, too, is has spent more on lobbying during the first two quarters of 2011 than it spent during the same period in either 2009 or 2010.

The financial powerhouse spent $3.35 million on lobbying during the first half of 2011, including $1.6 million during the second quarter, according to the Center’s research. That’s an increase of 9 percent above what it spent during the first half of 2009 — and an increase of nearly 11 percent above what it spent during the first half of last year.

Among these seven institutions, only Citigroup has spent less so far this year than it spent during the first half of either 2009 or 2010. Citigroup reported spending $1.39 million on lobbying during the second quarter, bringing its year-to-date expenditures on lobbying to $2.75 million.

Goldman Sachs, Bank of America and Morgan Stanley have all spent more during the first half of this year than they spent during the first half of 2009 — but less than they spent during the same period of 2010.

Goldman Sachs spent $1.08 million on lobbying during the second quarter, bringing its year-to-date expenditures to $2.4 million. Bank of America, meanwhile, has spent $1.57 million on lobbying so far this year. And Morgan Stanley has spent $1.5 million.

As OpenSecrets Blog has previously reported, while the bill was signed into law a year ago, lobbyists continue to keep it in their cross hairs, especially targeting the federal agencies tasked with implementing the new regulations.

Wall Street bigwigs are not the only ones who continue to lobby on the Dodd-Frank rules.

The U.S. Chamber of Commerce, for instance, the biggest of the big spenders on K Street, reported spending $14.7 million on lobbying during the second quarter. That brings its year-to-date lobbying expenditures to $31.8 million. A significant chunk of that money was likely spent on lobbying Dodd-Frank.

Note: unlike most companies and trade associations, the U.S. Chamber of Commerce reports money spent on grassroots lobbying and state-level activities, along with its federal figures, in the lobbying reports it files with Congress.Center for Responsive Politics researcher Sarah Bryner and money-in-politics reporter Michael Beckel contributed to this report.

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